April 8, 2015
Malaysia is a federal constitutional monarchy situated in the heart of South East Asia. It consists of thirteen states and three federal territories with Kuala Lumpur as the capital. There are as many languages spoken, as there are people of different ethnic backgrounds gathered in Malaysia. Bahasa Malaysia is the national language and English is an active second language, which is widely spoken, mostly used in business.
Three major periods were largely responsible for shaping the current Malaysian system. The first was the founding of the Melaka Sultanate at the beginning of the 15th century, second was the spread of Islam in the indigenous culture, and finally, and perhaps the most significant in modern Malaysia, was British colonial rule which brought with it constitutional government and the common law system.
Malaysian banking has seen much change and reinvention in the last 15 years. Going from strength to strength, Malaysia banking is in a healthy and sustainable state according to various international finance monitors, including the Economist Intelligence Unit (EIU) and Moody’s Investor Services. The currency there is Malaysian Ringgit (MYR). The Malaysian Ringgit (MYR) converts to 0.27460 U.S. dollar.
Foreigners and expatriates who wish to work in Malaysia are required to possess permitted passes from the Immigration Department of Malaysia with a minimum salary of MYR 5,000.00 and with at least a 2-year employment contract. Entry into Malaysia is in accordance with the Immigration Act 1959/63, Passport Act 1966, and Immigration Regulations 1963.
Every individual who is taxed is required to declare his income to IRB. Non- resident individuals are taxed at a different tax rate on income earned/received from Malaysia, which is 26% on employment. Employers have the responsibility to withhold tax for all employees who are under employment in Malaysia on a monthly basis.
Expats moving to Malaysia will have no problem in finding comfortable and affordable accommodations while in Malaysia. All types of accommodation are present, from large, stand-alone houses, to semi-detached and terraced houses, to apartments and condominiums or hotels for short a stay.
Please read more on Country Fact Pages located on our website. As always, our goal is to continue to make it as easy as possible for Western and European businesses to join-and succeed in the thriving Asia markets, and to expand our clients’ reach, and in turn, help to grow their operations at home.
For questions about Tiger-Consulting’s HR, Payroll, and Business support services in Asia, contact sales@Tiger-Consulting.net Custom quotes are free of charge.
Founder & CEO, Tiger-Consulting